Sebi said the company would not make an IPO while its specified securities are listed on ITP but can raise capital through private placement or rights issue "without an option for renunciation of rights."

According to Sebi, a SME will be eligible to list on the ITP, in case the company, its promoter, director, group company does not appear in the defaulters list of Reserve Bank and there is no winding up petition against the firm.

Among other conditions, the company, group companies or subsidiaries have not been referred to the Board for Industrial and Financial Reconstruction (BIFR) within a period of five years prior to the date of application for listing.

Besides, no regulatory action has been taken against the company seeking to list on ITP , its promoter or director, by Sebi, RBI, Insurance Regulatory and Development Authority (IRDA)or Corporate Affairs Ministry within five years prior to the date of application for listing,

"The company has atleast one full year's audited financial statements, for the immediately preceding financial year at the time of making listing application," Sebi said.

Sebi also said that a SME seeking to list on ITP needs to fulfil any of the six criteria including a minimum investment of Rs 50 lakh in its equity shares by at least one alternative investment fund, venture capital fund or other category of investors as approved by the regulator.

An investment of atleast Rs 50 lakh by a Qualified institutional buyer (QIB) or a merchant banker in the equity shares of the SME with a lock-in period of three years from the date of listing. Besides, a specialised